When it comes to making decisions about executive pay, not only do we need credible and reliable market data, but it’s also important to have the judgement and expertise available to interpret the data correctly.
3R Strategy can provide the data, context and guidance to make well-informed decisions with a clear view of any implications.
We make sure your executive pay can stand up to scrutiny and support your organisation’s goals.
How it Works
Our first priority is to understand key aspects of principle, governance and structure that provide the starting point for benchmarking.
We typically do this through interviews with the Chairs of the Board and Remuneration Committee, as well as the CEO and the HR Director. We also review recent Committee meeting minutes and benchmarking work.
Taking into account the roles you’re benchmarking, we find out where you typically recruit from and where your employees tend to go when they leave the organisation.
We will ask for role profiles, job evaluation scores (if available) and other scoping information that will help us identify suitable market references (e.g. budget/headcount responsibility, area(s) of responsibility).
This allows us to source the most relevant market data.
With the market data in place, we produce the benchmarking assessment(s) and relevant contextual commentary for each role.
We then present our findings to different stakeholders as required, including attending a Remuneration Committee meeting to discuss the data and provide input for executive pay decisions.
Being clear and open about the purpose and approach to executive benchmarking goes a long way towards people having a proper understanding of benchmarking results and their implications for decisions.
Effective communications will allow you to avoid creating unrealistic expectations about benchmarking and reducing pressure on ad-hoc adjustments to pay driven by market pressures.
We offer different reward communications packages to suit your needs and help communicate your policies and processes clearly and honestly to employees.
Related Services
“We welcomed the approach articulated of being an extension of our HR & Organisational Development team and this reassured us that they would integrate themselves into the business and deliver recommendations tailored to our organisation.”
“It was a no brainer that we would work with 3R Strategy to support the roll out of a clear reward strategy. From our initial consultation call it was clear we wouldn’t need to squeeze into a set structure but the complexities of our business would be very much taken into account, to create something bespoke for the IOE&IT.”
“3R Strategy balances a calm, easygoing manner with the deep technical knowledge needed to design and deliver solutions that consistently meet the needs of our business. They have built relationships at all levels within the organisation and have a proven ability to influence others in a quiet but highly effective way.”
“3R Strategy continues to provide technical and pragmatic reward advice to Vitality. They have provided exceptional support in evaluating our business challenges and designing a project plan to meet our evolving needs.”
“3R Strategy has been helpful, diligent and professional. The biggest benefit to working with the team is that we now have one clear reward strategy in place. Having that clarity and visibility throughout the organisation will help us maintain great relationships with our employees.”
“I enjoy working with 3R Strategy as the team has such a breadth of experience across Reward. I think there is real benefit in the fact many of them have gained this experience in-house, in major global reward consultancies and now in a specialist boutique reward and recognition practice.”
“Their team demonstrated exceptional competence, deep industry knowledge, and a genuine commitment to our organisation’s success. They seamlessly integrated their expertise with our existing practices, ensuring the entire project was smooth and efficient. The project has provided our employees with clear pathways for growth and advancement and allowed us to be as transparent as possible.”
“3R provided a clear framework against which trustees and senior management at Local Trust could benchmark their approach to pay and reward, develop clear principles to underpin future plans, and communicate them effectively and transparently to both existing staff and potential new recruits.”